Daily Forex Evaluation - February 10th, 2021

Forex | 1 year ago

Daily Forex Evaluation - February 10th, 2021 - tradeglobalmarket

In the Daily Forex Evaluation segment, we evaluate the major currency pairs which are also the most traded currency pairs based on technical and fundamental analysis. The most traded currency pairs are EUR/USD – Euro Dollar, USD/JPY – Dollar Yen, GBP/USD – Pound Dollar and USD/CHF – Dollar Swiss Franc. While evaluating the currency pairs, we use the daily chart as it filters the false signals generated during shorter timeframes.


EUR/USD Evaluation - February 10th, 2021


As seen from the charts, EUR/USD is trending downwards. As announced, US Federal Reserve will keep interest rates low. Look for selling opportunities of EUR/USD with a strict stop loss.


USD/JPY Evaluation - February 10th, 2021


As seen from the daily chart of USD/JPY, it is trending upwards. However, it is also testing the support zone of 104.600. Look for buying opportunities of USD/JPY, if it can sustain this support zone. Various multibillion dollar companies are expected to announced that quarterly earnings results in this week, so expect some volatile moves.


GBP/USD Evaluation - February 10th, 2021


Recently GBP/USD broke the resistance zone of 1.3780. GBP/USD is trending upwards consistently from last four months. GBP/USDs next support zone is at 1.37800 and the next resistance zone is at 1.39000. Bank of England has kept the interest rates unchanged, which may strengthen the pound. One must look for buying opportunities in GBP/USD.


USD/CHF Evaluation (Dollar Swiss Franc) - February 10th, 2021


As seen from the daily chart of USD/CHF, it is trending downwards with a good momentum from last 4 days. Look for selling opportunities of USD/CHF with a stoploss and maintaining a sufficient balance. In case the bulls defend the $0.89 level; the price may reverse. Expect it to consolidate for some time but keep a close watch on it as this is a very important level.


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